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USD/CAD Open: 1.2859-1.2860 Overnight Range: 1.2814-1.2903
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $65.86 and gold is at $1,347. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2930. Support is at 1.2823.
The Canadian dollar has traded narrowly following last week’s inflation-driven surge. The broader tone remains constructive for CAD, as renewed NAFTA optimism is providing near-term strength, alongside firmer oil prices. Domestic rate expectations remain steady for the April and June BoC meetings. There are no releases of consequence today, as markets await Thursday’s GDP data.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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